Ferromagnetic particles are used in magnetic recording media such as audio tape, video tape, memory tape, magnetic sheet and magnetic card, and ferromagnetic iron oxide, cobalt ferrite, ferromagnetic chromium dioxide particles, or fine ferromagnetic metal particles and ferromagnetic metal films are used as these ferromagnetic particles. With the increasing importance of systems for high-density recording of short wavelength signals, the ferromagnetic particles are required to have magnetic recording characteristics suitable for high-density recording (e.g., high coercive force and great residual flux density). Although fine ferromagnetic metal particles are considered to be best suited for this purpose, they inherently have a tendency to be oxidized and their magnetic properties are deteriorated more easily than the magnetic oxide particles. Furthermore, the ferromagnetic metal particles have higher coercive force than the magnetic oxide particles and hence are unable to form an equally good dispersion.